Tuesday - August 14, 2018

Citric Acid Market Is Likely To Reach A Valuation Of Around USD 3.83 Billion By 2025: Grand View Research, Inc.

Posted onJuly 18, 2018

Grand View Research, Inc. – Market Research And Consulting.

According to a report by Grand View Research, Inc., global citric acid market is anticipated to value USD 3.83 billion by 2025. Growing requirement for chemical compound that can increase shelf life of food and ease digestion is anticipated to propel demand for citric acid.

According to a report by Grand View Research, Inc., global citric acid market is anticipated to value USD 3.83 billion by 2025. Growing requirement for chemical compound that can increase shelf life of food and ease digestion is anticipated to propel demand for citric acid. This acid is likely to impart sourness & tartness and enhance flavor, when used as additive in food products. In addition, it can also inhibit microbial growth to increase shelf life of food.

Increasing use of citric acid in manufacturing of digestive medicines is likely to influence growth of market. Growing adoption of citric acid as additive in food & beverages to enhance shelf life can augment market growth during the forecast period (2014 to 2025).

The citric acid market can be segregated on the basis of form, application, and region. Based on form, the market can be bifurcated into powder and liquid. In 2016, powder segment dominated the market and accounted for 63.3% market share. The segment is likely to lose market share by 2025 attributed to increasing use of liquid form in food & beverages and detergents. Liquid form of citric acid can be used in various food and dairy products owing to its properties such as texture modification, flavor enhancement, and acidifying agent. Such form can also be used in oil sector as iron control additive for chelating and to maintain pH level of acidizing agents to reduce precipitation of iron in oil.

Based on application, the market can be categorized into food & beverages, pharmaceutical, and others. In 2016, food & beverages segment dominated the market and accounted for market share 57.9%. It is likely to grow at remarkable CAGR of 5% from 2017 to 2025. Increasing use of citric acid in dietary supplements and ice creams can fuel growth of segment. In addition, citric acid can control pH value in medicines and form salt derivatives of metals and minerals in pharmaceuticals. Moreover, it can be used with sodium bicarbonate in effervescent formulae to manufacture ingestion tablets and personal care.

Other application segments can include cosmetics, detergents & cleaners, animal feed, and textiles. When used in cleaners, it is likely to enhance formation of foam and work well without using water softener. In addition, citric acid can also be used to develop photographic films by using it in stop bath.

Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. In North America, the market is expected to witness significant growth during the forecast period attributed to rising demand for digestive citric acid based pharmaceuticals and food & beverages in the region. According to world health organization (WHO), around 65 to 70 million people in North America are likely to face digestive problems. Use of digestive citric acid in food, beverages, and medicines can resolve problem related to digestion, which in turn can augment growth of market in this region.

In Europe, the market is likely to grow at remarkable rate during the forecast period. In 2016, Germany accounted for market share equivalent to USD 220.1 million. Prevalence of major pharmaceutical manufacturers in the region such as Merck; Bayer AG; and Schering AG can fuel market growth in this region.

In Middle East & Africa, the market can grow well during the forecast period attributed to growing awareness regarding benefits of citric acid based pharmaceuticals and food & beverages in the region. In addition, increasing penetration of international market participants by establishing plants and offices in the region to expand their footprint can fuel growth of market.

In Asia Pacific, the market is anticipated to witness highest growth rate during the forecast period. Increasing number of geriatric population and prevalence of lifestyle diseases such as mental health problems, cardiovascular diseases, and gut health-related issues can influence market growth in this region.

Some of the leading companies offering citric acid are Metagenics; MP Biomedicals; Cargill, Inc.; Pfizer, Inc.; and Kenko Corporation. Continual technological developments and increasing use of advanced machines to manufacture citric acid is likely to increase production of innovative products such as encapsulated citric acid. Manufacturing companies can also invest in R&D activities to develop citric acid products that can be used in multiple applications such as cosmetics, pharmaceuticals, and detergents.

About Grand View ResearchGrand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.